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Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
 It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While we have seen various correctional signals for the wet sector (especially for the MR and VLCC segments), the dry market has had very few reasons to be hopeful. The BDI has been fairing at historical lows over the past few months and this had created a climate of widespread anxiety among dry bulk shipowners as there are limited hints of a recovery in the short-term.
With current cape spot market rates being significantly below OPEX levels, it seems that the patience of many Cape owners has finally begun to run out. As a result, they are left with a few options on how to proceed. There are two value-maximizing (or rather loss-minimizing) options; one is of course scrapping the vessel, almost certainly at a loss compared to the initial capital investment. With the scrap market revolving predominantly around bulk carriers and container vessels during the past weeks, it seems that many owners have selected this option.
On the other hand, some of the largest European Capesize players have selected the alternative route of parking their capes. A number of them have selected Kaohsiung, Taiwan as the ideal place to park their capes until rates pick up from the current depressing rates. Eastern Pacific has reportedly parked a number of their capes in anchorages (favoring the Kaohsiung anchorage).
Navios is also reported to have alluded to following the same route even going as far as suggesting that cold layups are the next step in order to cut what costs they can. The effects of such decisions on the market are hard to predict unless they are followed by a bigger number of owners, therefore for now it is expected that there will be a minor and more importantly temporary (lasting only until they’re back in the market) support in the market.
How sustainable will this strategy be? While the larger owners (many of whom have diversified fleets, thus hedging their exposure to the dry market troubles) may be able to sustain themselves long enough to survive through the current market slump, smaller players and those primarily invested in the cape segments will most definitely have trouble surviving where the situation is to persist for long.
With current conditions pushing more and more vessels out of the market, owners are awaiting Q2 in order to decide on their future moves. While short-term prospects are dire, the Indian coal market together with the Chinese steel import market, are possible candidates to partially help in the medium-long term recovery/ revival of the dry market sector.
As always, the amount of new orders that will be placed during the next quarters will play a determining role in the segment’s recovery, but given how quiet the newbuilding market for Capes has been since the summer of 2014, we believe that this should currently be the least of our worries.
By Linos Kogevinas
Marketing - Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
Monday, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
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- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- The University of Queensland
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
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